September 02, 2010 09:06:35 GMT
The rapper has to file for bankruptcy not because he lacks of money bills but because he has to release himself from the contractual obligation with G-Unit.
Rapper Young Buck has denied he's facing financial ruin after filing for bankruptcy following a $300,000 tax bill - insisting he was "forced" to file to end his recording contract with G-Unit. Buck became embroiled in a tax battle with America's Internal Revenue Service (IRS) when U.S. federal agents raided his Tennessee home last month, seizing his most valuable assets after he allegedly failed to pay his debts.
A representative for the star has confirmed his bankruptcy status to AllHipHop.com, which will allow the rapper to keep all of his possessions, as he pays back an estimated $12,500 -per-month, over the next five years. However, the star insists the decision was made in order to terminate his current recording and publishing contracts with G-Unit Records, not because he's run out of money.
In a statement released to the website, he explains: "I was forced to file bankruptcy, not because I am broke. But because I have to get my finances back in order and deal with the contract situations I was in. Now I have a clean slate and full control over my own life and career."
Buck was kicked out of G-Unit by hip-hop boss 50 Cent in 2008, after the mogul accused him of disloyalty.